Your local post office could become a bank

Posted at 1:04 PM, Apr 27, 2018
and last updated 2018-04-27 09:34:58-04

(RNN) – Sen. Kirsten Gillibrand wants to the U.S. Postal Service to double as a bank.

The New York democrat introduced legislation this week that would require every branch to offer basic banking services.

The bill is aimed at low-income and working-class Americans who have limited access to commercial banking.

“I am introducing a Postal Banking Act to give everyone access to basic banking services like checking and interest earning savings accounts, small dollar loans, and transaction services like debit cards and cash machines,” Gillibrand said on Facebook.

“The Post Office has 30,000 locations across the country, making this an efficient and elegant solution for the millions of ‘unbanked’ and ‘underbanked’ in communities with no options.”

Postal banking is common across most of the world. More than 180 nations offer at least one financial service at their post offices and nearly 90 provide savings or checking accounts.

Backers of the bill, see two benefits in the Postal Banking Act.

The people without a regular bank can save money compared to going to check-cashing establishments or payday lenders and the U.S. Postal Service can improve its bottom line by serving them.

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